2009 Tax Deduction Tip for Businesses

With 2009 comes another year, and with a new year comes taxes. Time for all business owners to pull out their books and tally up everything. But before you send it into the Fed, here is a tip.

Have you checked all your expenses? If you haven’t already, sit down with your accountant to see if there are any hidden expenses that could be reported. Mileage? Business lunch meeting? Equipment depreciation?

I was planning on linking to an article from CNN Money, and with it would have come more tips, but something just felt wrong when I was reading over it. Reading the article felt like it was “hiding” something or cheating on taxes, and with you small business owners in mind, it didn’t feel right posting it.

Take this tip to heart. It doesn’t hurt to double or triple check your expenses.

Downloads will now be taxed

Yes, you heard me right. This makes me mad to no end. Why? Ugh, don’t even get me started….

First off, taxing the internet period is just dumb. Its virtually impossible to enforce, and even if it was able to be, you would have the masses to deal with.

Second, how in the world is this going to work? Is this going on your internet bill, or is it being footed directly to the businesses?

Thirdly, if the US government was really having a problem with money, they would be cutting things back like crazy, like any normal business would, and re-organizing on the inside. Oh, but wait. What about the stimulus package that is supposed to help? Is that not doing anything?

Really guys, this is not creative thinking at all. I expect better of you or I will boot you out of office on your next term.

Now I’m not trying to make this into a political post, but this just makes me mad.

What can we learn about this?

To apply to your personal finances, watch your spending. If you don’t have the money, don’t buy it. If it seems money is escaping through a hole, find the hole and plug it. Do not make it bigger or try to hide it. If it is a legitimate thing that needs to be cut off, cut it off.

What about business? If there is some expense that is draining your business, cut it off. Also look through your entire business to see if there are areas you can improve and save money on.

What about Technology? Simply put, trying to tax something like downloads is impossible to enforce, it only makes the masses mad at you.

http://www.fox6now.com/news/sns-ap-wi-xgr–budgetwoes,0,5520090.story

What do you think about this? You’ve heard my end, and I would love to hear yours. Lets get a conversation going around this. Did I mention this will be signed into Wisconsin law this Friday (2-20)?

#28 Sponsored by GoToMyPC: Should Assets be in my name, Tax Benefits, and release of iPhone

This episode has been sponsored by GotoMyPC. Try GotoMyPC free for 30 days! For this special offer, visit http://www.gotomypc.com/podcast

In today’s episode I respond to a question a listener had about whether assets should be in his name. For Business, I speak about some of the tax benefits of owning a business and how many deductions you can use. And in Technology I talk about the upcoming release of iPhone and why Leopard’s release is being delayed.

If you have any questions, comments, or ideas about anything mentioned during the show, or to give your two-cents on a topic, call our toll-free line at 1-866-TMP-2860

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#27 Sponsored by GoToMyPC: Taxes, Alex Bellinger on PR, and a Review of GoToMyPC

This episode has been sponsored by GotoMyPC. Try GotoMyPC free for 30 days! For this special offer, visit http://www.gotomypc.com/podcast

In today’s episode you will learn more about Taxes and how you can pay less in taxes. We have another special guest on the show, Alex Bellinger, who will talk to us about Public Relations. In Technology I reviewed GoToMyPC. Find out a feature no one else knows about and why I gave it a 4.75 out of 5 by listening to this episode.

Learn more about Alex Bellinger and get hooked on one of the UK’s first business podcast by heading over to http://www.smallbizpod.co.uk.

If you have any questions, comments, or ideas about anything mentioned during the show, or to give your two-cents on a topic, call our toll-free line at 1-866-TMP-2860.

Podcast: Play in new window | Download (8.2MB)

#25 Sponsored by GoDaddy.com: Tax Deductions, Secrets of Making Appointments, and a New IBM Chip

This episode has been sponsored by GoDaddy.com. Visit http://www.godaddy.com today to get your piece of the internet, plus enter code BLU11 when you checkout and save 10% on your next purchase.

For Finances, you will learn about a standard deduction you can apply to your taxes. In Business, you will learn about the Secret of making Appointments, along with a sneak preview of a special guest that will appear on next week’s show. In Technology you will become informed on IBM’s research into a new chip capable of running at 160GB per second.

Podcast: Play in new window | Download (8.0MB)

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